MetLife

Position Title: Financial Risk Analyst, Australia 

LOB/Department: MetLife Insurance Limited (MIL) / Global Risk Management

Level: Global Grade 10

Location: Level 22, 10 Carrington Street, Sydney, Australia

Summary of Responsibilities: 

The role is a key member of the Australian Risk & Compliance team (R&C) and Global Risk Management (GRM) function, providing risk management advice and effective challenge of projects, business activities and decisions that may affect MetLife’s risk profile. 

Reporting to the Senior Manager, Financial Risk the Financial Risk Analyst, will support the development, implementation and embedding of MetLife’s Risk Management Framework with particular emphasis and responsibility for advising on financial risks, including in relation to credit, interest rate, equity, liquidity, insurance and product risks; product development and governance and performance and management of financial risk and emerging risk activities.

The incumbent is expected to assist MetLife associates in achieving the highest standards of business conduct and fully complying with applicable laws, regulations and Company policies. The incumbent conducts oversight and monitoring of Financial and Non-Financial risks associated with MetLife’s revenue generating business through a formal, disciplined, and documented Risk Management strategy and framework. 

The Financial Risk Analyst is expected to function as a value-added partner to the line of business as part of the three lines of defense governance model. This includes supporting MetLife in meeting its legal, regulatory and MetLife policy obligations through the implementation of Corporate, Regional and local Risk Management strategy within the areas of responsibility set out in this position description.

Principal Responsibilities: 

Financial Risk Management and Emerging Risk Framework

• Partner with Investment, Actuarial, Finance, and Product team to manage financial risks, including credit, interest rate, equity, liquidity, insurance and product risks.
• Advising on financial risks, including in relation to credit, interest rate, equity, liquidity, insurance and product risks.
• Performing Product Risk Assessments (PRA) and associated reporting to management, GRM and the Board as required.
• Attend and facilitate key governance committee meetings (e.g. Financial Risk Committee; Group Product, Pricing & Pipeline Committee (GPPP); Retail Product & Pricing Committee (RPP); Risk & Capital Alignment Working Group) as required
• Support the review of experience study and expense study.
• Support the Economic Capital process and reporting, including risk margin recalibrations, and maintaining model integrity.
• Partner with the business to conduct model validation and assurance activities.
• Support the design and maintenance of financial risk dashboard.
• Perform single and adjacent building exposure risk calculations.
• Support the independent review of annual ICAAP report.
• Participate in financial stress testing and scenario analysis activities.
• Support the independent review of annual Financial Conditions Report.

Risk Management Framework and Reporting:

• Support the ongoing development, implementation and management of the Risk Management Strategy (RMS)
• Support the ongoing development, implementation and management of the Risk Appetite Statement (RAS)
• Recommending risks limits in accordance with the approved Risk Appetite, and relevant policies and frameworks.
• Support the preparation, review and finalization of:

General Responsibilities:

Key support to the CRCO in carrying out the functions of Risk Management, covering:

• Proactively support the implementation and management of the MetLife Risk Management Strategy and Framework within the Australian operation and to assist all employees and relevant intermediaries to comply with associated policies and procedures.
• Direct and provide general oversight of risk management programs in MetLife Australia’s operations, including policies and procedures, controls, training, communications and corrective action for non-financial risks, internal and external events, changes in laws and regulations.
• Implementing, localising and managing the Global Risk Management Frameworks and associated policies and procedures and ensuring these are fit for purpose and that they comply with applicable local laws and regulations.
• Develop, implement and manage the framework to support the business in identifying risk within their teams.
• Promote first line risk awareness and accountability, maintain a culture of transparency and integrity through exercising effective stakeholder engagement, communication, training, reporting and the promotion of Risk Management strategy, policy, and processes.
• Challenge the business on the identification and management of risks within their teams.  
• Support MIL in managing risks within the approved Risk Appetite, and to operate within the parameters set by the Board.
• Providing strategic advice to the business on, identifying and responding to material risks, and supporting the effective management of risks and risk events in line with MetLife’s policies.
• Providing strategic advice on, identifying and overseeing risk, and reviewing and providing effective challenge to products, projects, activities and decisions that may materially affect MetLife’s risk profile.
• Actively contribute to internal and external committees and working groups.
• Assisting with preparation for Risk and Board Committee meetings as required.
• Supporting the implementation of enterprise risk reporting following up analysis and commentary from designated business areas as directed by the CRCO.
• Building deep relationships with designated business owners, risk leads, project managers, Internal Audit and other internal stakeholders including attending and contributing to relevant project meetings, working groups and team meetings.
• Act as the central role on Risk Management related projects and change initiatives where required.
• Monitoring the execution of management action plans to closure for designated business areas 
• Preparing and submitting responses and reports to regulators as and when required.
• Analyses and reporting to management and Board on material changes to relevant laws and regulatory requirements.
• Support the delivery of global and local Risk Management training to all associates where required.
• Enhance data analysis and reporting practices in place to mature risk reporting, risk governance and risk escalation up to ALT and the Board.
• Liaise with Internal Audit on risk and audit related matters as required.
• Support the successful implementation of Risk Management related projects and change initiatives where required.

Specific Risk Management Responsibilities

• Maintain central register of emerging risks and perform regular reviews to ensure appropriate oversight and risk mitigation strategies are in place.
• Perform horizon scanning and liaising with MetLife enterprise to identify and assess potential emerging risks.
• Support reporting on emerging risks to relevant management, GRM and Board committees.

Key Business Relationships:

• Chief Risk & Compliance Officer Australia
• Global and Regional Risk Management Associates
• Compliance Team Australia
• Appointed Actuary
• Australian Leadership Team
• MetLife Australia Board and Board Risk Committee (BRC)
• Department heads, team Leaders and associated teams
• Internal and external auditors.
• External Consultants

Knowledge/Skills/Competencies Required:

• Relevant academic qualifications and experience in a financial services environment.
• Knowledge and expertise of relevant insurance, financial services and superannuation legislation, regulation and policy
• Ability to appraise, interpret and present material risk findings both verbally and by written analysis.
• Strong interpersonal skills, ability to communicate and influence at senior management level.
• Strong internal and external service orientation and relationship management skills, with a focus on partnering with the business to achieve strategic organisational objectives.
• Experience in reporting and presenting to executive levels, Board committees and the Board
• Excellent verbal and written communication skills

Personal Attributes:

• Proven ability to work under pressure in an evolving environment whilst embracing change and instilling a positive outlook in the wider team;
• Ability to adopt and embrace change and drive best industry practice and championing change;
• A committed team player who openly communicates and shares knowledge in the wider MetLife team; and
• Excellent time management and ability to prioritise work at all times.

Qualifications: